FX.co ★ XAU/USD, GOLD

Hello traders, With the start of the American session, we received a significant downward price impulse for GOLD. We are seeing the realization of volumes accumulated around the key level of 5000 over the past few days. Against the backdrop of producer price inflation data, the dollar has significantly strengthened in the market, triggering stop losses for gold buyers, and the price has already dropped below the 4900 level. The US stock market is under pressure, with investors fleeing to the dollar. I am not opening any gold purchases yet, anticipating a further decline down to the 4700 level, where a sloping support is located. Buying from there today looks tempting. We are awaiting the Fed meeting and Powell's comments.